Core Viewpoint - CICC's report indicates that Yihai International (01579) achieved a slight revenue growth of 0.02% year-on-year in the first half, with a net profit increase of 0.4%, and a dividend payout ratio of 89%, aligning with expectations [1] Financial Performance - Revenue from B-end catering clients surged by 131.7% year-on-year [1] - Overseas business revenue grew by 34%, with expectations for third-party overseas business to increase by over 50% [1] - The group’s earnings forecast for the year has been raised by 3% to 820 million RMB [1] - Target price has been increased by 20% to 18 HKD, maintaining an "outperform" rating [1] Future Outlook - Anticipation of accelerated third-party revenue growth in the second half, with a potential for double-digit growth for the full year [1] - Continuous strong performance from B-end and overseas business, along with new products driving overall revenue [1] - The establishment of the B-end base material team in the second quarter is expected to contribute significantly in the second half [1] - Stable raw material prices and improved selling, general, and administrative expenses are expected to help maintain net profit margins for the year [1]
中金：升颐海国际(01579)目标价至18港元 中期业绩符预期